UK-based paytech PPRO has closed an €85 million ($93 million) “dual tranche” funding round as it gears up to expand both its market presence and payment solutions portfolio.
PPRO raises €85m in “dual tranche” funding round
The new capital has been provided by a mix of new and existing investors including Eurazeo, HPE Growth, Sprints, PayPal Ventures, JP Morgan, Citi Ventures and funds managed by BlackRock.
Founded in 2006 and headquartered in London, PPRO provides digital payments infrastructure for banks and businesses to scale their checkout and acquiring services.
The company says it will leverage its new capital injection to “pursue growth in key markets and further enhance its global network of local payment methods”.
PPRO previously raised $270 million in funding over 2021, which also led to the paytech’s valuation surpassing the coveted $1 billion mark.
In recent years, it has attempted to expand its market presence through a number of industry partnerships and integrations, which notably include extending its reach in the Asia Pacific with GrabPay, UnionPay International and Toss Pay, which enabled its entry into South Korea just over a year ago.
Internally, 2023 saw long-time CEO Simon Black step down from his role, with the company’s now former CCO Motie Bring promoted to lead the firm in October.
Rahul Raswant, who himself joined PPRO as CFO in June 2022, says the fintech is currently focused on “helping customers access new markets” through the provision of local payment methods.
